By Darren W Chow
The domain market of today is one wrought with opportunity. In order to get the goods on the domain name that will make you money, it is important to know how to buy and sell on the premium market. It takes a great deal of expertise to be able to do this properly, but the good news is that you don't have to graduate with any special degrees. You don't need letters after your name or anything like that. You just need the drive to research markets and make purchases based on what names are the most popular. There are two ways that you can make money off the buying and selling of domain names. Clearly, you can create a domain name of your own and hope that others will notice. But this is much more of a crapshoot than the art of buying and selling premium existing domain names. Here's how to take control of your own destiny in this lucrative market.
How to buy
When you are buying existing domain names on the Internet, it is not unlike buying an existing home. Virtual real estate and brick and mortar real estate basically work on the same principle. The longer that something stays on the market, the less viable it becomes for selling at the top asking price. Of course, that is not to say that you can't buy, make improvements to the site, and then sell at a profit. But there will be certain commitments needed from you after the purchase. For starters, people are rarely able to "flip" a domain name that has been on the market for an extended period of time. Secondly, you do not need a lot of money to turn a domain into a hot property. All you need is a little creativity and ingenuity. Adding valuable content and taking the site in a specific direction can be appealing to potential online entrepreneurs in much the same way that improvements to a home can add property value.
How to sell
Selling the property can be either very difficult or very easy. So much of it depends on being at the right place at the right time. But by creating quality reasons to buy, your job as a salesman is that much easier. Hosting providers often have a direct link to buyers and sellers, and as such, they can provide a wealth of information for any virtual real estate investor. Know the site's monthly traffic and existing revenue. More importantly, know what the improvements that are made will do for the sale price of the site.
The premium domain name is still a viable way to make money, but only if you take the time to treat it like you would any other business.
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